Bitcoin price started declining after it failed to surpass the ,380 resistance area against the US Dollar.The price is now trading well below the ,300 pivot level and the 55 simple moving average (4-hours).There was a break below a connecting bullish trend line with support near ,220 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could dive below the ,060 support in the near term before a decent upward move.Bitcoin price is slowly moving lower towards the ,060 support against the US Dollar. BTC remains at a risk of a downside thrust below ,000 before it climbs higher.Bitcoin Price AnalysisIn the past few days, there were bearish moves in bitcoin price below the ,500 resistance area against the US Dollar. Moreover, BTC settled below the ,380
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- Bitcoin price started declining after it failed to surpass the $7,380 resistance area against the US Dollar.
- The price is now trading well below the $7,300 pivot level and the 55 simple moving average (4-hours).
- There was a break below a connecting bullish trend line with support near $7,220 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could dive below the $7,060 support in the near term before a decent upward move.
Bitcoin price is slowly moving lower towards the $7,060 support against the US Dollar. BTC remains at a risk of a downside thrust below $7,000 before it climbs higher.
Bitcoin Price Analysis
In the past few days, there were bearish moves in bitcoin price below the $7,500 resistance area against the US Dollar. Moreover, BTC settled below the $7,380 pivot level and the 55 simple moving average (4-hours).
It opened the doors for more downsides below the 23.6% Fib retracement level of the upward move from the $6,431 low to $7,689 high. Besides, there was a break below a connecting bullish trend line with support near $7,220 on the 4-hours chart of the BTC/USD pair.
The pair is now trading well below the $7,200 support area. An immediate support is near the $7,060 level. It coincides with the 50% Fib retracement level of the upward move from the $6,431 low to $7,689 high.
Additionally, the $7,010 level is also a strong support (the previous breakout resistance). At the moment, bitcoin price is sliding and it seems like there could be a downside spike below the $7,060 and $7,010 support levels.
In the mentioned case, the price might find support near the 61.8% Fib retracement level of the upward move from the $6,431 low to $7,689 high. Once the current decline is complete near $7,010 or $6,910, the price could bounce back.
On the upside, the first key resistance is near the $7,220 level and the 55 simple moving average (4-hours). The next major resistance is near the $7,380 and $7,400 levels.
Therefore, a successful close above the $7,220 and $7,400 levels is needed for a fresh upward move in the coming days.
Bitcoin Price
Looking at the chart, bitcoin price is showing a few bearish signs below $7,200 and $7,220. Having said that, the bulls are likely to put a strong fight near $7,010 or $6,910.
Technical indicators
4 hour MACD – The MACD is currently gaining momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently recovering from the 30 level.
Key Support Levels – $7,010 and $6,910.
Key Resistance Levels – $7,220, $7,380 and $7,400.